ITV

Category: e-commerce

  • Metaverse: E-commerce’s potential game-changer or just another hype?

    Metaverse: E-commerce’s potential game-changer or just another hype?

    Mumbai: Metaverse and AI; these are not just buzzwords that everyone uses nowadays, but are the cornerstones of our digital future. With the burgeoning advancements in technology, these innovations are rapidly reshaping the way we interact with the world around us.

    From immersive gaming experiences in virtual reality to augmented reality enhancing our daily lives, and from e-commerce platforms leveraging AI to personalise online shopping to virtual storefronts in the metaverse, the convergence of these technologies is creating a dynamic landscape of possibilities, transforming industries and redefining how we connect, work, and play.

    To gain deeper insights on the potential impact of the metaverse on the future of online shopping, Indian Television has gathered perspectives from various industries ranging from e-commerce business solution providers to brands, retail, manufacturing, and ad agencies.

    Some of the industry experts have also shared their thoughts on how they are exploring opportunities to integrate cutting-edge technologies into their e-commerce solutions.

    Vserve founder & CEO Siva Balakrishnan:

    The concept of the Metaverse, a virtual reality space where users can interact with a computer-generated environment and other users, has been gaining traction in recent years. As technology continues to advance, the potential impact of the Metaverse on the future of online shopping is significant and transformative.

    One of the most significant ways the Metaverse could revolutionise online shopping is through immersive shopping experiences. Imagine stepping into a virtual store where you can browse shelves, touch and feel products, and even try them on using augmented reality technology. This level of immersion not only enhances the shopping experience but also addresses some of the limitations of traditional e-commerce, such as the inability to physically interact with products before making a purchase. Additionally, the Metaverse could enable social shopping experiences, allowing users to shop together with friends or connect with other shoppers who share similar interests. This social aspect of online shopping can enhance engagement and make the experience more enjoyable and interactive.

    Furthermore, the Metaverse has the potential to blur the lines between physical and digital retail spaces, creating seamless omnichannel shopping experiences. For example, users could visit virtual versions of their favorite brick-and-mortar stores or attend virtual events like fashion shows or product launches, all from the comfort of their own homes. The Metaverse represents a paradigm shift in the way we shop online, offering new opportunities for retailers to engage with customers and create unique and immersive shopping experiences. As technology continues to evolve, the potential impact of the Metaverse on the future of online shopping is vast, and businesses that embrace this trend early on stand to gain a competitive advantage in the ever-changing retail landscape.

    In today’s rapidly evolving digital landscape, staying ahead of the curve is essential for e-commerce businesses looking to remain competitive. As such, we are constantly exploring opportunities to integrate cutting-edge technologies into our e-commerce solutions to enhance user experiences, streamline operations, and drive growth. One area of focus is artificial intelligence (AI) and machine learning (ML), which offer tremendous potential for improving personalization, recommendation engines, and customer service. By leveraging AI and ML algorithms, we can analyze vast amounts of data to better understand customer behavior, predict trends, and tailor product offerings to individual preferences.

    Additionally, we are investing in augmented reality (AR) and virtual reality (VR) technologies to revolutionize the online shopping experience. Through immersive AR and VR experiences, customers can visualize products in real-world environments, try before they buy, and make more informed purchasing decisions.

    Furthermore, we recognise the importance of blockchain technology in enhancing transparency, security, and trust in e-commerce transactions. By implementing blockchain-based solutions, we can ensure the integrity of supply chains, authenticate product origins, and protect sensitive customer data. Moreover, we are exploring the potential of Internet of Things (IoT) devices to create seamless omnichannel experiences and optimize inventory management processes. By connecting smart devices, such as wearable gadgets and smart home appliances, to our e-commerce platform, we can deliver personalized promotions, monitor product usage, and automate reordering processes.

    In conclusion, integrating cutting-edge technologies into our e-commerce solutions is not just about keeping up with the latest trends; it’s about anticipating future needs and exceeding customer expectations. By embracing innovation and harnessing the power of emerging technologies, we are positioning ourselves for long-term success in the dynamic e-commerce industry.

    JetSynthesys’ Metaphy Labs COO and co-founder Varun Sharma:

    The future of shopping is – interactive, immersive, and social. Think about walking through a virtual version of your favorite store, where you can see, touch, and even try products in a digital space. The metaverse is poised to transform online shopping by merging the ease of e-commerce with the tactile experience of physical stores. This will create a dynamic, immersive shopping journey where personalized recommendations and virtual assistants enhance your experience, making shopping not just a task but a delightful experience.

    The metaverse isn’t just shopping, it’s a playground. A complete future where shopping is not just a transaction but an experience.

    Doodhvale co-founder and CEO Aman Jain:

    The potential of the metaverse is limitless as it brings the online shopping experience to the next level by creating a 3D, immersive virtual world where customers can comfortably shop, use various products, and even ‘try on’ products through augmented reality. This degree of immersion can have a substantial effect on the customers’ experience of shopping online as they can transition to inventing between digital and physical retail.

    Rosemoore director operations Ridhima Kansal:

    Together with the development of the metaverse, we could soon have virtual marketplaces where clients would not only shop or entertain themselves, but also communicate with each other, visit events, or ask for professional consultation. This participation in socials will instill in consumers a sense of community and loyalty thus adding to the social part of internet shopping.

    OuchCart CEO & founder Atif Shamsi:

    The integration of modern visualisation technologies including photogrammetry and real-time rendering into e-commerce can be life-changing in the way that consumers see and experience products online. The three-dimensional models look like a real product with absolute details. This would enable customers to virtually put the product in their own space thus having a direct feeling for a better fit and informed purchase.

    Saraf Furniture founder & CEO Raghunandan Sarraf:

    The metaverse provides a channel for the development of aesthetic and artistic product storytelling. By applying the latest tech like volumetric video and spatial computing we can develop stories in which viewers can experience and go through the place, things, or product in a very detailed way that is very difficult to perform online. Such a change in the event could be a defining factor providing an additional emotional layer to the experience of customers and as a result, leading not only to the higher brand awareness but to the skyrocketing sales.

    French Essence founder & CMO Nidhi Gupta:

    In the ever-evolving landscape of e-commerce, embracing cutting-edge technologies isn’t merely an option – it’s a necessity. Just as we blend rare essences to create timeless fragrances, we embrace cutting-edge technologies to redefine the boundaries of e-commerce.

    In an effort to ensure relevance and competitiveness, we continuously explore innovative ways to incorporate these advancements into our solutions. From AI-driven solutions to tech-enabled security measures, each opportunity becomes a gateway to revolutionising customer experiences, streamlining operations, and staying ahead of the curve.

    By harnessing the power of innovation, we not only enhance convenience but also evoke emotions and forge connections. Through this relentless pursuit of progress, we transform the digital landscape into an enchanting realm where every click is a journey of discovery.

    Through relentless exploration and strategic implementation, we chart a course towards unparalleled efficiency, effectiveness, and excellence in meeting the evolving needs of our customers and staying ahead of the curve in the digital marketplace.

    BOD Consulting senior partner and practice leader, customer strategy Anjali Malhotra:

    Metaverse will change the way people shop, by providing immersive product experiences and life-like product interactions that make the experience fun, interactive & enjoyable. These cohesive shopping experiences will close the gap between physical and online shopping experiences.

    Augmented reality has already been implemented in many categories like jewellery, bags, watches, and colour cosmetics, enabling brands to effectively showcase their product’s features. Customers can also do “virtual try-ons” of the products online, and see how they “look” and make them “feel”.

    In the future, the advent of VR (virtual reality) will make it even more engaging by allowing virtual shopping assistants and even social shopping experiences where they can interact with other shoppers and get shopping advice from online friends.

    Gokwik CEO & co-founder Chirag Taneja:

    With AR/VR becoming more advanced by the minute, the metaverse which is set to experience a CAGR of 34.98 per cent and reach a total market size of $485.8 Bn by 2030 holds immense potential for online shopping, offering a platform for enhanced, immersive shopper experiences. For instance, shoppers can do virtual try-ons of the products they want to buy, attend new product launches in real time get fully immersed in the unique experiences a brand has to provide. We are in the era of extreme personalisation, with Vision Pro and Google VR headsets becoming popular, it’s evident people want these immersive, interactive experiences. The integration of social features into the metaverse can also redefine e-commerce, given that 71 per cent of shoppers are influenced by social media these days. The metaverse will very well transform the essence of shopping, combining the convenience of e-commerce with the experiential richness, something that shoppers these days desire.

    Being tech first is our DNA. We have been constantly using network intelligence-backed robust tech capabilities in the entirety of our multi-product suite to help e-commerce brands grow across the funnel. Our cutting-edge technology has created a checkout solution is the fastest, safest and most rewarding solution that elevates the shopper experience and enhances GMV for brands. Not only this, we are leveraging AI and machine learning capabilities to solve for RTO problem right at the source, thereby reducing return-before-delivery losses for brands and enabling their growth. We are also using technology to enable omnichannel automated and personalised communication, ensuring targeted messaging across platforms, at every stage of the shopping funnel. We continue to keep our solutions abreast of every technological advancement and trend while also continuing to create new tech based solutions to help e-commerce brands unlock their growth potential. By strategically integrating these innovations, we are continuing to enable brands with the best of tech, while they focus on building the best of products, thereby charting course to a 360 degree growth.

    Frendy co-founder & CEO Sameer Gandotra:

    Gaming has been transformed from a singular to a social experience. While shopping is a social experience but online shopping is still a singular experience. If the metaverse can transform e-commerce to a more engaging social experience, it will enhance the shopper’s engagement & brand’s connect with its consumers

    The biggest challenge for retailers on metaverse, will be about creating an immersive shopping experience for their customers. Replicating the auditory in-store retail experience is what will act as the biggest hook to grab the customer’s attention. I feel now, we will see multiple retailers trying to create the most personalised meta stores to extend a far more immersive experience for the consumers.

    We are currently using Computer Vision, to monitor the customer experience at our stores (checkout experience, availability of products, pilferage, shoplifting, etc) We are using AI-based tools to create better merchandising communication to the consumers and to forecast demand and manage our auto replenishment system. Endless aisles tech at the stores provides a wider assortment to consumers at the same retail point.

    Beyoung founder Shivam Soni:

    Metaverse has shaken up traditional commerce, offering online businesses opportunities to cater to their target groups in a three-dimensional world. As an everyday fashion brand, we are excited to see what’s in store for the e-commerce world.

    Beyoung is set to launch innovative solutions in this vertical, to offer our customers a convenient and personalised shopping experience.

    Finding the right sizes and styles for men in tier two, three, and four cities has traditionally been challenging.

    Virtual try-ons, powered by AR and VR technology, present an ideal solution to bridge the gap between uncertainty and satisfaction.

    This technology allows customers to explore multiple options, enhancing their confidence and decision-making process.

    This enables businesses to manage limited inventory more effectively while achieving higher conversion rates. Additionally, this approach creates greater engagement, brand awareness, significantly lowers return rates, enhance customer satisfaction and brand loyalty.

    Furthermore, it creates a seamless transition between online and offline channels.

    Ame Organic founder and CEO Nandita Sharma:

    The integration of the metaverse into e-commerce is set to redefine the retail landscape, offering unparalleled opportunities for both retailers and consumers. This promising new development is poised to deliver rich, immersive, and highly interactive shopping experiences, heralding the future of retail in the digital age. The advent of the metaverse will revolutionise the consumer experience, shifting the dynamics of interaction and engagement in virtual shopping environments. This new realm marks a paradigm shift from traditional e-commerce platforms to a more immersive, personalised, and engaging digital marketplace.

    Ame Organic is embracing the metaverse to offer a new level of personalisation. Here, you can design your own custom skincare routine, virtually try on products before you buy, and even see how they perform in realistic simulated scenarios. Additionally, the integration of biotechnology is set to play a pivotal role in our future offerings. By leveraging cellular-level research and innovations, we aim to create products that not only provide superior results but also revolutionize the way skincare is approached. The use of the metaverse as a platform for biotechnology firms underscores the potential for groundbreaking advancements, making personalised skincare more effective and accessible than ever before.

    HiveMinds chief strategy officer Deepti Bhadauria:

    Imagine browsing virtual stores alongside friends, attending fashion shows with celebrities, or learning about complex gadgets in interactive showrooms. The metaverse promises to revolutionise online shopping, offering a more immersive, personalized, and engaging experience for consumers.

    Metaverse is making us reimagine the way brands can tell their story, but especially for the online shopping, a few trends might emerge:

    1.   The biggest impact of metaverse on online shopping will be through data enrichment and customer experience.

    Right now, brands track user journey and buying patterns to understand their customers. But through metaverse, brands can know the customer at a much deeper level, for example, we know, India loves IPL, but on metaverse, we will know which of our customers follows which team, how much they are willing to pay for premium seats in the virtual stadium. This will then further help to use AI to customise the ads and get much better conversion. Instead of showing a cricket collection, a brand can show me a t-shirt of my favorite team, especially when the team has recently won a match.

    2.   In online shopping, the biggest challenge marketers’ face while launching new categories is to bridge the knowledge gap and educate customers about how to use the product.  With realistic video generative AI like Sora from OpenAI and Veo from Google Gemini, the aspect of consumer education – and education in general, is set to be disrupted in a big way.

    3.   One of the memorable reasons why we love shopping is window-shopping, looking at aspirational purchases or products that you might want to buy in the near-future but don’t want to buy right now. In offline shopping, we also tend to go from one store to another, complementing an apparel store visit with a jewellery store visit later, eg. In the metaverse, these sort of innate human behaviors can be mimicked so that customers get a wholesome buying experience.

    We understand that the initial hype cycle of Metaverse didn’t match the eventual payoff, but like with all emerging futuristic technology – there is an adoption curve. And it’s ok if some initial versions were not successful. Just like how the experience of listening to music changed from cassette players to walkmans to cd players to ipods etc, every new generation of the Metaverse will be multiple times easier to use while being significantly more beneficial. We’re quite lucky to witness a lot of the genius ideas in technology – including multimodal AI, metaverse, data-privacy tech happening simultaneously and hence there is a huge potential for these ideas to interplay with each other, improving the overall capability and experience.

    Grapes co-founder and CEO Shradha Agarwal:

    Metaverse has been gaining a lot of traction across industries, owing to which people have high hopes that it could revolutionise the online shopping experience. Amidst such optimism, it is very difficult to foresee how it will shape the shopping experience in the future. It can take customers a while to understand the various nuances of using Metaverse. Looking at the interface, at times it can be exhausting for people to explore the myriad features of the Metaverse.

    For instance, creating an online avatar for understanding and viewing the use case of the products can involve a lot of hassle. Moreover, with constant upgradation, it becomes very difficult to stay updated and adapt to the new features being added. But industry players can still capitalise on the trend of the metaverse by strategically tapping the right set of audience. For instance, they can integrate and promote shopping sites on other platforms, such as gaming sites, to grab the attention of the audience that is familiar with the various aspects of the metaverse.

    Zippee founder & CEO Madhav Kasturia:

    We see the metaverse as a paradigm shift that will make it more conducive for a consumer to browse, interact, and purchase products- seamlessly from the comfort of their homes. Adoption of emerging technologies like AR & VR will help D2C brands deliver an immersive online shopping experience. Industry behemoths like Flipkart recently rolled out Flipverse, their metaverse project.

    At zippee, we’ve always believed in leveraging technology to solve the most pressing problems for our customers- from the ground up. We’ve implemented AI-powered route optimization algorithms to streamline delivery routes & enhance operational efficiency. We also leverage data analytics and machine learning to help our brands predict demand patterns, optimize inventory management, and minimize stockouts. This helps them significantly improve order fulfillment rates & customer loyalty.

    FNP global CEO & director Pawan Gadia:

    The integration of data analytics and AI algorithms has fundamentally transformed the way we envision the future of online shopping at FNP. By leveraging insights gleaned from customer data, we’re pioneering a new era of personalized gifting experiences within the metaverse. Imagine virtual showrooms tailored to individual preferences and interactive avatars guiding customers through an immersive gifting journey. The metaverse holds immense potential to revolutionize online gifting, allowing us to showcase our product offerings in innovative ways and ensuring a smooth delivery experience. We’re excited to lead the charge in leveraging this technology to enhance customer engagement, satisfaction, and the overall gifting experience.

    At FNP, we’re committed to pushing the boundaries of e-commerce innovation through the integration of cutting-edge technologies. Our recent focus on data integration for personalisation and enhanced customer experience underscores this commitment. By harnessing the power of data analytics and AI, we’ve been able to analyze customer behavior and preferences at a granular level, enabling us to tailor our product offerings and marketing efforts to meet their individual needs. This personalization not only results in improved customer engagement but also enhances the gifting experience, ensuring a smooth and delightful delivery process. Moving forward, we remain dedicated to exploring and integrating new technologies that will further elevate the online gifting experience for our customers, making it more seamless and enjoyable.

  • E-commerce: Leveraging the power of offer optimisation, personalisation, & AI in advertising

    E-commerce: Leveraging the power of offer optimisation, personalisation, & AI in advertising

    The e-commerce market is booming exponentially. E-commerce sales are anticipated to touch the $8 trillion mark by 2027. Attracting and retaining customers in this ever-evolving landscape is becoming increasingly difficult. Brands are consistently seeking innovative strategies to acquire the right set of users that fuel the maximum conversions. Striking the perfect balance between optimised offers, hyper-personalisation and capitalising on Artificial Intelligence is the key to maximise e-commerce success. This strategy will ensure a holistic and satisfactory user experience, benefiting businesses immensely.

    E-commerce advertising, in today’s era transcends the realm of generic banners and sending out mass emails. With a colossal amount of content at their disposal, it is imperative to deliver personalised content that does not fade into the background and is able to captivate the user’s interest. Significant advancements in the field of technology marked by the growing popularity of AI and machine learning have proved to be catalysts in optimising advertising efforts.

    Bridging the gap between consumer needs & promotional offers!

    Tailoring promotional offers to rightfully cater to the needs of the target audience for maximum impact in contrast to bombarding them with generic discounts can significantly impact conversion rates. E-commerce platforms can harness the power of AI to get insight into the behaviour patterns of their target audience like their purchase history, browsing patterns and demographics to create offers that resonate with them in the best possible way and boost customer satisfaction. AI and machine learning algorithms can help craft the best offers ranging from personalised discount codes to limited-time promotion deals. Choosing the right distribution channel is pivotal to reach a wider and ideal audience segment that will most likely hit that call-to-action button.

    Tailored shopping experiences through personalisation

    Brands are turning to personalisation as a means to forge deeper connections with their audiences. From product recommendations based on past behaviour to customised email campaigns that address the specific needs of each customer, personalisation goes a long way in driving heightened brand loyalty and improved engagement. Creating a differentiated journey for each customer through multiple touchpoints is an integral part of an e-commerce marketing strategy.

    Unleashing the power of AI to eevolutionise e-commerce marketing

    AI is transforming the e-commerce industry to a great extent by identifying consumer preferences, predicting user behaviour and delivering hyper-targeted ads. Personalised interactions have become indispensable for brands nowadays. AI analyses huge chunks of data and helps businesses delve deep into what their customers desire. Subsequently, they are able to deliver relevant content that addresses their pain points throughout the consumer lifecycle. It also helps marketers take note of at-risk customers and help craft strategies that will rekindle their interest in the brand.

    AI adoption automates workflow by streamlining processes such as product recommendations, loyalty discounts and low-level support. This enhances operational efficiency and cuts down labour costs. Also, automating tasks like emailing, order fulfilment, customer service, and payment processing, helps allocate resources to innovation and growth.

    The article has been authored by AdCounty Media co-founder & chief revenue officer Delphin Varghese.

  • bigbasket now partners with Tanishq and MMTC-PAMP for Akshaya Tritiya

    bigbasket now partners with Tanishq and MMTC-PAMP for Akshaya Tritiya

    Mumbai: bigbasket now has partnered with Tanishq and MMTC-PAMP, for Akshaya Tritiya. Through these collaborations, bigbasket will offer its customers the opportunity to purchase gold and silver coins and bars, delivered within an impressive 10 minutes through the bigbasket now platform.

    This partnership underscores bigbasket now’s commitment to providing its customers with a memorable shopping experience, characterized by convenience, authenticity, and quality. bigbasketeers in different cities across India can purchase MMTC-PAMP Lakshmi Ganesh (999.9 Purity) Silver Coin, 10 g; MMTC-PAMP Banyan Tree® (999.9 Purity) Silver Bar, 10 g; Tanishq 22 Karat Gold Coin, one gram; and Tanishq 22 Karat Gold Coin With Lakshmi Motif, 1 g on the occasion of Akshaya Tritiya.

    Speaking about this, bigbasket chief buying and merchandising officer Seshu Kumar Tirumala said, “Our collaboration with Tanishq, a trusted name synonymous with quality and craftsmanship in the jewellery industry, ensures that our customers can celebrate Akshaya Tritiya with the finest gold coins, reflecting prosperity and elegance. Additionally, our partnership with MMTC-PAMP, a globally recognized leader in precious metal refining, brings to our customers high-quality silver coins, adding a touch of purity and tradition to their celebrations. All of these will be delivered in 10 minutes.”

    The word “Akshaya” means “never diminishing” in Sanskrit, and the day is believed to bring good luck and success. Purchasing gold on Akshaya Tritiya is a popular tradition, as it is thought to bring lasting wealth and prosperity. Marking this day, bigbasket now is offering customers the finest quality gold and silver coins, ensuring that the values, blessings, or wealth acquired on this auspicious day grow and bring prosperity.

  • Jagran New Media joins forces with ONDC Network to launch Khojle.com

    Jagran New Media joins forces with ONDC Network to launch Khojle.com

    Mumbai: Jagran New Media, the digital wing of Jagran Prakashan Ltd, together with the ONDC Network, is thrilled to announce the launch of Khojle.com, a one-stop marketplace that will transform the e-commerce landscape. This strategic move marks the first time that ONDC has joined forces with a leading Indian publisher to provide a unified user experience.

    Khojle.com aims to create an all-in-one marketplace focused on India’s Tier 2 and Tier 3 markets. It aims to enhance online shopping by integrating e-commerce opportunities into the browsing experience across Jagran New Media’s websites. With one click, users can easily access Khojle.com’s retail marketplace while reading and browsing content, exploring a wide range of consumer goods like fashion, home & kitchen, groceries, electronics, personal care and more with tailored recommendations based on preferences. Beyond convenience, Khojle.com supports the MSME sector and startup ecosystem by enabling growth with strong support from the ministry. This strategic initiative is designed to broaden market access for businesses of all sizes, setting a new benchmark in India’s e-commerce evolution.

    Jagran New Media CEO Bharat Gupta highlighted the significance of the partnership, “I am thrilled to announce the landmark partnership with ONDC network for the launch of Khojle.com, a pioneering initiative that seamlessly blends content with commerce to provide a comprehensive solution. This collaboration will revolutionize e-commerce in India, especially empowering Tier two towns and rural areas where internet usage now surpasses urban areas, thanks to ONDC DPI’s deep integration. It aims to democratize e-commerce access for ‘Naya Bharat,’ significantly boosting local MSMEs by offering unique content-to-commerce opportunities wherein we will help them with content marketing and product amplification. This move aligns perfectly with our nation’s growth towards a $5.2 trillion economy, promoting initiatives like #VocalforLocal and #OneDistrictOneProduct, paving the way for an inclusive growth environment for retailers and businesses alike. Khojle.com is designed as a holistic platform with an audience & services model that caters to our extensive user base, from accessing the latest news and information to personalized shopping experiences. This venture is a true reflection of our commitment to fostering innovation and providing user-centric solutions. My sincere appreciation goes to the Ernst & Young team, whose passion and expertise have been instrumental in bringing this visionary project to life.”

    ONDC MD & CEO T Koshy expressed his enthusiasm and said, “Working with Jagran New Media strategically aligns perfectly with our mission to expand e-commerce penetration in India, enabling population-scale inclusion of sellers of all types and sizes. The launch of Khojle.com not only opens avenues for startups but also ensures consumer access to wide choices. This initiative aligns with ONDC’s democratizing e-commerce and a collaborative environment that is propelling industry growth.”

    Khojle.com is innovatively designed to enhance Jagran New Media’s user experience by seamlessly integrating reading and shopping into a single platform, offering a unique combination of news, politics, sports content, and a diverse shopping experience. This one-stop solution is not just limited to a website but also extends to a user-friendly app, allowing users to stay informed and shop from any corner of the country with ease. This initiative represents an additional revenue stream for Jagran New Media and aligns with ONDC’s mission to broaden e-retail penetration in India. Khojle.com is more than just an e-commerce marketplace; it’s a transformative approach to content and commerce, enabling scalable and cost-effective e-commerce solutions that support scalable growth for startups.

    Visit the website to shop – https://www.khojle.com/

  • “Modern Trade and E-commerce platforms definitely bring us closer to consumers”: Kunal Sharma

    “Modern Trade and E-commerce platforms definitely bring us closer to consumers”: Kunal Sharma

    Mumbai: Basmati is incredibly special to KRBL. It’s a grain that’s grown just once a year in the Indo-Gangetic Plain, nestled beneath the Himalayan sub-ranges. The unique qualities of basmati, shaped by the fertile soil, fresh air, and pure water from the mountains, make it a truly cherished and distinctive grain.

    KRBL Ltd has been in the rice business for over a century now. Today, the company is recognized as a major player in the Indian rice industry and the first company in India to handle every aspect of rice production, from cultivation to sales. Their focus is on crafting high-quality rice products, and their success stems from their commitment to responsibility, efficiency in operations, innovation in manufacturing, and seizing new opportunities.

    Indiantelevision.com reached out  KRBL Ltd head of marketing & business head (modern trade & ecommerce) Kunal Sharma, where he shared insights on India Gate’s success, their marketing strategies and more…

    Edited excerpts

    On some of the key factors that have contributed to India Gate’s success in the rice market over the years

    A couple of factors have been critical to the success of India Gate over the years. In the rice industry, delivering quality consistently is of paramount importance and India Gate has remained steadfastly focussed on this. India Gate also had a first mover advantage in terms of identifying the huge opportunity of tapping the loose rice market in India and providing quality packaged Basmati to consumers in India. Thirdly, a brand with pan India consumer mindshare and shelf share has been a cornerstone of the success of India Gate.

    On the marketing strategies you employed to stay ahead in the market and appeal to consumers

    Many Indians reside in our nation and as a food staple category, it was important for us to take a regional approach. We have recently changed our marketing strategy which now focuses on aligning our marketing initiatives with the company’s business objectives. The company no longer sees India as one market but an amalgamation of different regions. Our business objective for each region is different. Which makes our marketing objective for each region different. E.g., we talk about Khulla vs Packaged Basmati in HSM while for South (where packaged Basmati is already adopted) we talk about Experiments with Basmati.

    On leveraging modern trade and e-commerce channels to reach a wider audience and drive sales

    Modern Trade and E-commerce platforms definitely bring us closer to consumers. This is why it holds as much importance as general trade for us. In fact, recent data from December 2023 reports a market share of 37 percent in general trade for India Gate while 40 percent in Modern Trade channels. Our aim is to bring higher engagement to the shoppers directly via these channels. We recently set-up VR enabled experience zones in a modern retail format across 5 cities- Delhi, Gurugram, Mumbai, Bengaluru and Lucknow.

    On discussing any innovative initiatives that you have implemented to adapt to the market trends

    Basmati has been a relatively low involvement category in Foods. As a brand, we have been trying to improve this to drive brand salience and preference be it through our communication approach or through the choice of media.

    In the recent past, we have worked on innovative on-ground campaigns like a partnership with PVR to take our Experiments with Basmati campaign in South to new-age consumers.

    We are also adapting in terms of Point of Sale experience to give consumers a virtual tour of the Farm to Fork journey of Basmati through  Virtual Reality set-up.

    All firsts in a relatively low involvement categories.

    On India projected to expand at 19 percent, reaching $400 billion by 2030 according to Publicis Commerce & MMA India’s recent report “The D2C Advantage X Toolkit: Guide to Maximise ROI of eCommerce Investments”

    While we do not have any immediate D2C plans, we do see Ecommerce scaling up quite rapidly for us. It’s been the fastest growing channel for us and we see good growths coming both in Q-Commerce and Grocery. We are investing on the platforms to drive growths aggressively and also taking a lot of new launches first into these channels to test and improvise the right mix.

    On some of the upcoming plans or developments for India Gate Foods in terms of product offerings and market expansion?

    There are three levers of product offerings expansion that India Gate Foods is working on.

    First, we are looking at newer categories to expand our kitchen share within staples and a foray into Health Oils is something that will happen in the coming financial year.

    Secondly, we are actively looking at adjacencies to extend our core equity in Rice. Our newly launched range of Biryani Masalas under the India Gate Classic brand promising a classic experience to consumers is the first foray in this space.

    Thirdly, we are looking at extending our health range beyond Brown Rice into newer innovative and new-age consumer formats.

    Along with this, we are aggressively scaling up our regional rice play through Kolam, Sona Masoori, and Gobindobhog. To support this growth, we plan to launch vernacular advertising campaigns and raise awareness, particularly in southern markets.

  • Immersive E-commerce: Elevating brands through interactive live commerce

    Immersive E-commerce: Elevating brands through interactive live commerce

    Mumbai: Immersive e-commerce is an advanced version of traditional e-commerce that specializes in offering clients a holistic and experiential journey with innovative use of technology. With time consumers are becoming more demanding and in such a scenario immersive shopping experiences can give the emerging e-commerce players a competitive edge to outperform their opponents and maintain customer satisfaction. There are numerous key areas that can help brands to harness the power of immersive e-commerce to increase the customer engagement.

    Personalization and Customization

    Immersive e-commerce affords a unique possibility to personalize the purchasing choice to satisfy the specific selections and requirements of the purchasers. Brands can create a bespoke delight that connects them with every shopper through the use of interactive capabilities along with virtual rooms, personalised product pointers, and live consultations.

    By utilising data analytics and synthetic intelligence, manufacturers can attain insights into patron’s behaviour and preferences. This enables them to offer customized reports that cater to the particular needs of every patron, mainly to extend consumer pride and loyalty.

    Building Community and Brand Advocacy

    The interactive nature of immersive e-commerce offers the possibility to create a community amongst clients. Brands can leverage certain occasions, back-of-the-scenes glimpses, and interactive discussions to showcase the best of their products.

    With the practice of cultivating the use of person-generated content, manufacturers can enjoy the energy of word-of-mouth advertising and reinforce their function in their target marketplace. This technique that prioritizes the network now not only effectively increases engagement but additionally sets the inspiration for lengthy-term emblem growth.

    Seamless Integration of Social Commerce

    The integration of social media structures and e-commerce has played a critical role in the emergence of immersive stay commerce. By combining stay streaming, social sharing, and on-the-spot shopping options, manufacturers can seamlessly integrate their immersive e-commerce experiences into leading social media channels.

    This convergence offers purchasers an unbroken pathway to find out, interact, and transact in an identical environment, blurring the strains among amusement, social interaction, and purchasing. Brands can use the viral nature of social media to their benefit, increasing their reach, attracting new audiences, and building a devoted following.

    Enhancing Brand Trust and Transparency

    Transparency and authenticity are crucial for constructing a successful relationship between manufacturers and clients. Immersive e-commerce platforms offer an incredible opportunity for brands to showcase their products by revealing product information, production approaches, and real-time usage situations, which fosters an experience of belief and transparency.

    In addition, immersive e-commerce permits brands to deal with purchaser queries in actual time, display product functions, and exhibit the human faces in the back of the logo, which further enhances the trust-constructing procedure.

    Navigating the Regulatory Landscape

    As the world of e-commerce becomes greater and more immersive, brands must be privy to and follow the rules and policies of interactive stay commerce. This includes protecting client data and using it responsibly, in addition to enforcing measures to prevent fraudulent activities or misleading information that might damage consumers.

    By prioritizing moral alternatives, information protection, and clean verbal exchange, brands can lessen capacity dangers and establish acceptance as true with their customers. Immersive e-trade also offers a possibility for brands to demonstrate their dedication to accountable commercial enterprise practices with obvious pricing and product info, moral sourcing of substances, and sustainable production techniques.

    The Path Ahead: Embracing Innovation and Adaptability

    The future fulfilment of immersive e-commerce depends on crucial factors: innovation and flexibility. Brands that aspire to thrive in this area need to comply with these tips:

    . Keep up with new technologies: Stay informed about emerging gear and platforms that may enhance the buying experience.

    . Experiment with interactive features: Try out specific ways to interact with clients at some point of stay sessions or virtual occasions.

    . Integrate easily: Ensure that immersive stories align with the overall logo message and values.

    To correctly navigate the arena of immersive e-trade, brands should hold the tune of converting client behaviours, technological advancements, and market tendencies. This will enable them to make well-timed changes to their strategies and live applicable in a dynamic environment. Immersive e-trade offers a unique possibility for brands to stand out within the crowded online marketplace, connect with customers on a deeper degree and foster long-term loyalty.

    However, brands need to keep in mind that fulfilment in this area calls for more than simply flashy visuals or state-of-the-art gimmicks. It’s about growing meaningful connections, know-how consumers desire, and delivering prices through personalised reports.

    By embracing those principles and staying agile in their method, manufacturers can liberate the total capability of immersive e-commerce and achieve a sustainable boom in digital technology.

    The author of this article is Woovly co-founder Neha Suyal.

     

  • Droom launches four innovative products on its tenth founding day anniversary

    Droom launches four innovative products on its tenth founding day anniversary

    Mumbai: Droom, an online marketplace for buying and selling used cars, celebrates its tenth founding day anniversary on 15 April 20204 by unveiling a suite of groundbreaking products designed to transform the used car industry. These new offerings – MyDroom, AdReach, GoDigital, and Chairman Club – empower consumers, businesses, and dealerships with comprehensive solutions for every stage of the car ownership journey.

    MyDroom: Your complete car management companion. MyDroom redefines car ownership by becoming your one-stop shop for everything related to your vehicle. This innovative app offers a personalized dashboard, smart diagnostics with proactive alerts, effortless tracking of service schedules and renewals, seamless expense management, secure document storage, and multi-car management capabilities. Powered by AI, MyDroom suggests best practices, optimizes vehicle performance, and extends its lifespan. MyDroom also connects you with a range of car services like repairs, roadside assistance, and car washes, all within the app, fostering data-driven decision-making for a smarter car ownership experience.

    AdReach; Performance-driven marketing solutions for businesses. Droom introduces AdReach, a tech and data-driven performance marketing platform offering solutions for both web publishers and advertisers. AdReach empowers web publishers to maximize their advertising revenue while providing advertisers with targeted reach and measurable results. This comprehensive advertising platform leverages cutting-edge technology and data science discipline to ensure successful marketing campaigns in the ever-evolving digital landscape.

    GoDigital: Effortlessly establish your e-commerce store. Droom launches GoDigital, a self-service, easy-to-use plug/play and robust e-commerce platform to let any business of any size to an e-commerce site and app. goDigital offers two options: e-commerce store and app edition and e-commerce store & app edition with EMS. The e-commerce store and app edition provide a stunning website and app on a self-service basis to businesses and the e-commerce store app along with a suite of EMS services includes catalog creation, online category management, site merchandising, digital marketing, online payments, fulfillment, delivery and customer support as ECommerce Managed Services.

    Chairman Club: Empowering dealerships for growth. Droom unveils chairman Club, a comprehensive suite of seller services designed to elevate the success of Indian auto dealerships and OEMs. Chairman Club provides a full spectrum of automobile services, including procurement of used vehicles at attractive prices, affordable dealer financing solutions, cutting-edge digital marketing tools, high-quality leads, self-service e-commerce stores, automobile certification services, professional services e.g GST and taxes, store branding support, and visual retail merchandising expertise. Chairman Club equips dealerships with all the necessary tools and resources to excel in the competitive used car market. Chairman Club also has two services for automobile OEMs ie. ProSeller Enterprise for an OEM to have a D2C channel for their line of products at Droom Marketplace directly or in conjunction with their dealership network and QuickSell for OEM, which enables all the authorized dealerships of an OEM to use Droom’s marketplace to sell all the exchange vehicles under a fixed price, auction or best offer and tap into Droom’s vast network of 23 k+ dealerships in 1,174 cities.

    “Droom has always been a trailblazer in leveraging AI and technology to disrupt the used car industry,” said Droom founder & CEO Sandeep Aggarwal.

    “We are not only pure-play e-commerce for automobiles but also have built tech products and real IP. With these four products, we are expanding Droom’s charter not only while a transaction is happening but entire lifecycle management and helping enterprises, OEMs, dealers, and advertisers not only on the Droom platform but beyond Droom platform too. We are confident that these solutions will empower our partners and customers, propelling the Indian used car market towards a brighter future”, said Droom founder & CEO Sandeep Aggarwal.

    Droom started its commercial operations on 21 Nov 2014 and since then it has sold 580k automobiles worth $7.3bn, 2.0mil automobile services, 23.1k cloud dealers, 4.5mil transactable listings worth $42.5bn in value, presence in 1,176 cities, 16 million app downloads, and 1.8bn as the sum of MAUs.

  • Iksula acquires Ambab Infotech Pvt Ltd

    Iksula acquires Ambab Infotech Pvt Ltd

    Mumbai: Iksula, a globally recognised leader in e-commerce solutions, has announced its acquisition of Ambab.com, a prominent e-commerce development company since the last decade. Ambab was founded by Bhavik Jhaveri & Ankur Joshi and since 2018 it has been managed by professional management. This strategic move signals a pivotal moment for both organisations, propelling them towards enhanced growth opportunities and expanded digital capabilities in the dynamic e-commerce landscape.

    Iksula founded in 2007 by Samarjeet Singh (Chairman) and D.J. Basumatari (CEO) has solidified its position as a trusted partner for retailers, brands, and marketplaces worldwide. With a relentless focus on innovation and customer-centric solutions, Iksula has consistently delivered outstanding results for its clientele across the globe.

    Commenting on the acquisition, Iksula chairman Samarjeet Singh expressed his sentiments, stating, “We are delighted to welcome Ambab.com into the Iksula family. This acquisition marks a strategic milestone for us, empowering us to augment our digital capabilities and provide even greater value to our clients. Leveraging Ambab’s track record of delivering cutting-edge technology solutions, we are confident that together, we will continue to redefine the standards of excellence in the e-commerce industry.”

    Ambab.com CEO Sanjayan Nair echoed Singh’s sentiments, saying, “We are thrilled about this new chapter with Iksula. This move opens up exciting opportunities for Ambab to leverage additional resources and capabilities, accelerating our growth trajectory and enabling us to better serve our clients.”

    Under the acquisition terms, Ambab.com will operate as a business unit of Iksula, with Sanjayan Nair and the existing leadership team continuing to spearhead innovation and deliver exceptional outcomes for clients.

  • ONDC gets a shout-out in Shark Tank India Season 3

    ONDC gets a shout-out in Shark Tank India Season 3

    Mumbai: During the third season of Shark Tank India, Anupam Mittal, the entrepreneurial force behind Shaadi.com (People Group) and a distinguished Shark on the panel, cast a spotlight on Open Network for Digital Commerce (ONDC). Mittal’s compelling elucidation of the Open Network’s potential to democratize digital commerce could help India’s startups to harness the vast opportunities of the Open Network.

    During the Kiko Live pitch segment in Episode 47 of Shark Tank India Season 3, Mittal drew parallels between the ONDC Network and the revolutionary Unified Payments Interface (UPI) initiative by the Government of India. He emphasized ONDC Network’s pivotal role in fostering inclusive digital commerce for all kinds of players in the market.

    “We would like to extend our gratitude to Anupam for educating the audience about a seemingly complex subject like ONDC in a clear and well-articulated manner,” said ONDC MD & CEO T. Koshy. “Mention of the ONDC Network on Shark Tank India, underscores the importance of the Open Network as a catalyst for innovation, essential for startups to thrive. For startups aiming to grow seamlessly, join our vast Network where opportunities are limitless.”

    Mittal said “What UPI did for payments, ONDC Network offers the same transformation for digital commerce. It’s about creating an inclusive Network where every business, no matter its size, can thrive online. This initiative is a powerful step towards ensuring that growth and opportunities are not confined to the few but are accessible to all.”

  • The Art of Making the Global Market Local Through Screens

    The Art of Making the Global Market Local Through Screens

    In an age where the world’s financial markets are just a click away, the allure of Forex trading has never been stronger, especially among Indian investors. The landscape of investment is shifting, with digitization fueling the accessibility to global currency exchange markets. Gone are the days when trading was an elusive arena, reserved only for the elites or those with a plethora of financial knowledge. The digital revolution, particularly through online trading platforms, is dismantling barriers and democratizing financial markets like never before.

    The evolution of trading platforms

    Online trading platforms have been transformative, to say the least. They’ve revolutionized how people engage with financial markets, making it possible to trade from any corner of the globe, provided you have internet access. With the incorporation of a wide array of trading instruments, including currency pairs, precious metals and Contracts for Difference (CFDs) , these platforms cater to a diverse group of traders, from novices to seasoned professionals. One of their most influential advancements is perhaps the democratization of educational resources, making trading knowledge more accessible and empowering users to make informed decisions.

    The accessibility and user empowerment provided by trading platforms has expanded the spectrum of who can participate in ***forex trading***. With features like demo accounts, prospective traders can now practice and hone their skills without risking real capital. This hands-on approach to learning has significantly reduced the entry barriers, attracting a wider pool of individuals interested in navigating the vast sea of forex trading possibilities.

    Television’s impactful narrative

    Amidst this technological revolution, the role of television in shaping the financial aspirations of the Indian populace remains significant. Television has not only introduced the concept of trading to the masses but has also served as a bridge, connecting viewers with the dynamic world of financial markets. From showcasing documentaries on global economies to delivering the latest market trends, television has played a crucial role in demystifying forex trading and making it more approachable for the layman. Moreover, success stories of individuals, who journeyed from mere viewers to successful traders, continue to inspire many to explore the possibilities within the trading domain.

    Furthermore, television has created an environment where the once complex notions of trading are now delivered in bite-sized, digestible pieces of information. Financial experts and anchors dissect market trends and strategies during prime-time shows, making the high-stakes world of forex trading more understandable and less intimidating to the everyday viewer, thereby nurturing a new generation of financially literate and savvy traders.

    Catalysts driving Indians towards forex and CFD trading

    The rising inclination towards forex and CFD trading among Indians can be attributed to several factors. The appeal of tapping into global markets, the allure of potential high returns and the sheer excitement of trading are significant draws. Besides, anecdotal evidence and real-life success stories have made forex trading an aspirational activity, promising not just returns but a sense of financial empowerment and independence. However, while the benefits are plentiful, the risks associated with trading are also significant. It’s crucial for traders, especially newcomers, to approach the market with caution and educate themselves thoroughly before diving in. Utilizing a pip calculator can be an effective way for traders to manage their risk and understand the potential impact of each trade.

    How digital advancements bridge the global divide

    Technology, particularly the widespread use of smartphones and the internet, has been central in making trading accessible to a broader audience. These tools have not only simplified the process of trading but have also ensured that anyone with a smartphone and an internet connection can participate in the global financial markets. Moreover, the emphasis on user-friendly interfaces, coupled with robust security measures, has built a trustable ecosystem for online traders. Regulations play a critical role here, ensuring that platforms operate within a framework that protects the interest of traders, fostering a safer trading environment.

    The shifting narrative through television

    Television has considerably influenced the rising popularity of trading in India. Financial products and trading platforms are increasingly becoming a staple in TV advertisements, reflecting a growing interest among the general population. Moreover, the shift from a savings-centric mindset to an investment-oriented approach among Indian households signifies a profound cultural shift. Television, with its wide reach and impact, has been instrumental in this transition, educating viewers about the benefits and risks of forex trading and in many cases, catalyzing their journey into the world of trading.

    Closing remarks

    At this brink of a new era, it’s evident that the convergence of online trading platforms and television has paved the way for a financial revolution in India. This blend of technology and media has not only made global markets more accessible but also transformed trading into a more approachable and engaging activity. The future for forex trading in the country looks promising, with technological advancements and cultural shifts pointing towards an era of financial empowerment and independence for the masses. However, the journey doesn’t end here; aspiring traders must engage in responsible trading, armed with continuous learning and a thorough understanding of the market dynamics, to navigate the volatile waters of the global financial markets successfully.